JSW Steel is seeking shareholders' approval to raise Rs 4,000 crore through qualified institutional placement (QIP). Proceeds of the issue will be used for capital expenditure and refinancing high-cost debt, besides meeting unlikely shortfall in unforeseen circumstances.
The company has stated that it is in the interest of the company to raise long-term resources with convertible option to optimise capital structure for future growth. The economy is poised for robust growth, backed by strong macroeconomic factors and government’s pro-growth policies.
JSW Steel will be completing its brownfield expansion to reach 18 million tonne per annum capacity by the end of this fiscal. It has a strategic vision to reach 40-mtpa capacity by 2025 with significant investment in mineral resources such as iron ore and coal.
JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
| Company Name | CMP |
|---|---|
| Tata Steel | 212.05 |
| JSW Steel | 1239.90 |
| SAIL | 173.50 |
| Jindal Stainless | 787.90 |
| APL Apollo Tubes | 2105.45 |
| View more.. | |
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